Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Target Raised at Citizens Jmp

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target upped by equities research analysts at Citizens Jmp from $160.00 to $166.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp‘s price target indicates a potential upside of 92.04% from the stock’s previous close.

A number of other brokerages also recently weighed in on RYTM. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. National Bank Financial set a $160.00 target price on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Oppenheimer reissued a “market perform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday. Canaccord Genuity Group set a $154.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Rhythm Pharmaceuticals from $146.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Eighteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.94.

Rhythm Pharmaceuticals Price Performance

Rhythm Pharmaceuticals stock opened at $86.44 on Wednesday. Rhythm Pharmaceuticals has a one year low of $74.50 and a one year high of $122.20. The company’s fifty day moving average price is $96.35 and its two-hundred day moving average price is $97.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.10. The company had revenue of $92.13 million during the quarter, compared to analysts’ expectations of $85.56 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%. The business’s quarterly revenue was up 79.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.82) earnings per share. Sell-side analysts anticipate that Rhythm Pharmaceuticals will post -2.77 EPS for the current year.

Insider Activity

In other news, EVP Yann Mazabraud sold 57,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $116.15, for a total transaction of $6,620,550.00. Following the transaction, the executive vice president owned 55,655 shares in the company, valued at approximately $6,464,328.25. The trade was a 50.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Lee sold 75,834 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $117.38, for a total value of $8,901,394.92. Following the completion of the transaction, the executive vice president directly owned 54,233 shares of the company’s stock, valued at approximately $6,365,869.54. This trade represents a 58.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 258,450 shares of company stock worth $28,796,497. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after acquiring an additional 97 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 9.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after purchasing an additional 136 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. ProShare Advisors LLC now owns 9,653 shares of the company’s stock worth $919,000 after purchasing an additional 177 shares during the last quarter. Cim Investment Management Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 7.2% in the 2nd quarter. Cim Investment Management Inc. now owns 3,209 shares of the company’s stock worth $356,000 after purchasing an additional 216 shares during the last quarter. Finally, Inspire Investing LLC increased its position in shares of Rhythm Pharmaceuticals by 7.9% during the 3rd quarter. Inspire Investing LLC now owns 3,688 shares of the company’s stock worth $351,000 after purchasing an additional 271 shares in the last quarter.

Trending Headlines about Rhythm Pharmaceuticals

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: IMCIVREE revenue was $92.1 million, up 29% from the prior quarter and 79.6% year over year. The company’s loss of $0.61 per share was narrower than consensus expectations, while revenue exceeded estimates. Rhythm Pharmaceuticals Q3 results and business update
• Positive Sentiment: Commercial progress included more than 700 patient start forms for U.S. acquired hypothalamic obesity treatment by Sept. 30, the start of Japan’s IMCIVREE launch, and plans to advance bivamelagon into pivotal development for Prader-Willi syndrome. Rhythm Pharmaceuticals Q3 results and business update
• Neutral Sentiment: Rhythm amended its LG Chem license, lowering royalties on global sales of its MC4R agonists to 1% but committing to $350 million in fixed payments over four years. The company also announced up to $750 million in financing for its obesity pipeline. The funding may support development, while the fixed payments add cash obligations. LG Chem license amendment
• Negative Sentiment: Despite the earnings and revenue beats, reports said the stock slipped after the Q3 announcement, indicating the results and outlook may not have met investor expectations. Needham lowered its price target from $130 to $114, though it maintained a Buy rating. Stock reaction to Q3 report

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.